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Question11final-01

Candidate Survey Explanations

  • Vinny Black:
  • Haven't studied that proposition yet
  • Sherrie Cohen:
  • We need a publicly-owned bank for the City. The bank would be required to benefit the public by reinvesting bank profits into the community, and funding projects such as infrastructure, renewable energy and affordable housing. The bank would also save the city millions of dollars by cutting out middlemen and private shareholders, eliminating fees, and financing projects at lower interest rates.
  • Allan Domb:
  • Philadelphia’s finances are enormously complicated and anything that would limit our relationships with the banks and rating agencies that provide us with the ability to make massive investments in our physical and school infrastructure -- we do not pay for school repairs with current dollars, as an example -- would be counter productive. I do, however, believe we should review the policies of the banks with which we do work to ensure they are investing in our community and meeting our ideals.
  • Sandra Dungee Glenn:
  • I need to learn more. I embrace the concept, but need to study the North Dakota model.
  • Beth Finn:
  • Creating a public bank for Philadelphia will be the centerpiece of my legislative agenda. We lose millions of dollars in bank fees & interest payments yearly to big banks that also use that money to invest in ventures that go directly against my values. A public bank maximizes our limited investment funds by recapturing that money & loaning it to ourselves. A public bank is for the public good. Once established, our public bank could offer basic checking account services to low-income residents.
  • Katherine Gilmore Richardson:
  • Publicly owned banks can provide much needed support to the City’s general fund and increased community investment.The city has a RFP for a feasibility study on the City’s ability to establish and operate a municipally owned bank. At the conclusion of the RFP process and release of the study, I would hold public hearings to discuss the findings to determine the best next steps to prepare legislation to open and fully operate a public bank in Philadelphia where we can employ local Philadelphians.
  • Irina Goldstein:
  • We would like to talk more about this idea, as it is a complex issue. But anything that would help save taxpayer money and cut waste would be of interest to us.
  • Helen Gym:
  • Yes. I am hopeful the feasibility study will be an important part of organizing to ensure this is successful. I look forward to championing the issue. I also strongly believe there is an especially key role that a public bank can play in issuing bonds for School District projects.
  • Adrian Rivera-Reyes:
  • If elected to City Council, I will introduce legislation to create a city public bank modeled off the successful Bank of North Dakota. Creating such a public bank will take our taxpayer dollars out of pockets of Wall Street bankers and put it in the hands of our city to be invested in projects that benefit the public good like more affordable housing, investments in community and worker owned businesses, and providing more funding for our schools and parks.
  • Mark Ross:
  • By creating a publicly owned bank, this would create funds for the city that could be used to improve our housing, education, community issues, and an independent board where decisions are not politically involved, would be great for our city.
  • Isaiah Thomas:
  • I believe that the creation of a public owned bank can be extremely beneficial to low-income citizens. However, with great rates of poverty, low wages, a failing school district, we have greater causes to address in the issue of financial distress in our city.
  • Fernando Trevino-Martinez:
  • I will use the example of North Dakota to model Philadelphia's Public Bank. ND's Public Bank was created 100 years ago and has been a successful institution with total assets of $7.3 billions.
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